Retail Crowd

Complete British News World

It was announced within hours that the G7 would deal another serious blow to the Russian economy

The essence of the G7 coordination decision is to deny Russia the MFN principle, citing the Russian invasion, thus paving the way for tariffs and other administrative barriers to Russian imports.

Each of the G7 countries (along with the US, Canada, Japan, the UK, Germany, France and Italy) will have to make changes to their legal systems at home, so this won’t be an immediate change. In the United States, the process must pass both houses of Congress, but it will not be difficult because both major parties in both houses will ensure this step.

The news agency notes that the foreign trade between the United States and Russia in 2019 was not very important as it amounted to 28 billion dollars, which made the Russians only the 26th partner of the United States in foreign trade. Most US imports were mineral oils (which are banned these days anyway), precious metals, iron and steel, fertilizers and inorganic chemicals, all of which will face increased tariffs after the adjustment.

Cover image source: Getty Images

READ  The government expanded its pages: What awaits the Hungarian economy in the coming years?